As I understand, coins like the silver/gold "American Eagle" are not circulated and created primarily for investors are called bullions. Does that mean commemorative silver/dollar coins like the 'US Marshals Service 225th Anniversary" and the "Silver Saratoga Quarter" are also bullion since they are not used in commerce either ?
copper pipe is considered 'bullion'. Anything only worth its scrap price for metal is bullion. "Bullion refers to precious metals in bulk form which are regularly traded on commodity markets. The value of bullion is typically determined by the value of its precious metals content, which is defined by its purity and mass." wiki
Got it. Basically a silver/gold "American Eagle" coin worth more than it's silver content (excluding the premium of design/minting) will be of numismatic value.
Non circulating legal tender (NCLT) is not bullion, though some dealers (when you go to sell) might consider it so. That's why it of utmost importance that you treat these pieces as collectibles and not investments. Buy them for the joy of collecting, and if they go up in price in the future, all well and good for you. But be forewarned that pieces such as this (when purchased from the mint) many times, sell for less when purchasing in the aftermarket.
Most people still consider ASE's bullion though. Not the "burnised" uncirculated versions you buy directly from the mint, but the coins shipped from the mint in green monster boxes. Whether by definition or not, most consider them bullion, even though you pay a slight premium over the latest PM prices. Where as, the commemoratives are just that. The classic commems did get used in circulation in many instances, because their silver weight equaled their designated value.
